SEBI Capacity Planning Framework for the Depositories TAXATION Central Board of Direct Taxes requests for stakeholder’s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961 www.incometaxindia.gov.in. CBDT notifies new Income Tax Return Forms for AY 2017-18 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 CBDT Notifies Option form for taxation of income from patent company website- www.acquisory.com

1. April 3, 2017
CORPORATE
SEBI
Capacity Planning Framework for the
Depositories
Securities Exchange Board of India (SEBI)
vide Circular No.
SEBI/HO/MRD/DP/CIR/P/2017/29 dated 3rd
April, 2017 has prescribed the framework for
Depositories with regard to Capacity
Planning. It has been decided to put in place
following requirements for Depositories
while planning capacities for their
operations: The installed capacity shall be at
least 1.5 times (1.5x) of the projected peak
load, The projected peak load shall be
calculated for the next 60 days based on the
per hour peak load trend of the past 180
days, The Depositories shall ensure that the
utilisation of resources in such a manner so
as to achieve work completion in 70% of the
allocated time.
http://www.sebi.gov.in/cms/sebi_data/at
tachdocs/1491222315847.pdf
TAXATION
Central Board of Direct Taxes requests for
stakeholder’s comments on draft of
Notification to be issued Under Section
10(38) of the Income-tax Act, 1961
Ministry of Finance, Central Board of Direct
Taxes (CBDT) vide Press Release dated 3rd
April, 2017 has asked for the stakeholders
comments on draft Notification to be issued
under Section 10(38) of the Income Tax Act,
1961. Section 10(38) of the Income-tax Act,
1961 (‘the Act’), prior to its amendment by
Finance Act, 2017, provided that the income
arising by way of a transfer of long term
capital asset, being equity share in a
company, shall be exempt from tax if such
transfer is undertaken after 1st October,
2004 and chargeable to Securities
Transaction Tax (STT) under Chapter VII of
the Finance (No. 2) Act, 2004.
It is proposed to notify that the condition of
chargeability to STT shall not apply to all
transactions of acquisitions of equity shares
entered into on or after the first day of
October, 2004 other than the specified
transactions. In order to have wider
consultation in this matter, the draft of
notification proposed to be issued under
section10 (38) of the Act has been uploaded
on the website www.incometaxindia.gov.in.
CBDT notifies new Income Tax Return Forms
for AY 2017-18: Introduces one page
simplified ITR Form-1(Sahaj)
Ministry of Finance, Central Board of Direct
Taxes (CBDT) vide Press Release dated 31st
March, 2017 has notified Income-tax Return
Forms (ITR Forms) for the Assessment Year
2017-18. One of the major reforms made in
the notified ITR Forms is the designing of a
one page simplified ITR Form-1(Sahaj). This
ITR Form-1(Sahaj) can be filed by an
individual having income upto Rs.50 lakh and
who is receiving income from salary one

2. April 3, 2017
house property / other income (interest
etc.).
Various parts of ITR Form-1 (Sahaj) viz. parts
relating to tax computation and deductions
have been rationalised and simplified for
easy compliance. This will reduce the
compliance burden to a significant extent on
the individual tax payer. This initiative will
benefit more than two crore tax-payers who
will be eligible to file their return of income
in this simplified Form.
Simultaneously, the number of ITR Forms
have been reduced from the existing nine to
seven forms. The existing ITR Forms ITR-2,
ITR-2A and ITR-3 have been rationalized and
a single ITR-2 has been notified in place of
these three forms. Consequently, ITR-4 and
ITR-4S (Sugam) have been renumbered as
ITR-3 and ITR-4 (Sugam) respectively.
There is no change in the manner of filing of
ITR Forms as compared to last year. All these
ITR Forms are to be filed electronically.
However, where return is furnished in ITR-1
(Sahaj) or ITR-4 (Sugam), the following
persons have an option to file return in
paper form:-
(i) an individual of the age of 80 years or
more at any time during the previous year;
or
(ii) an individual or HUF whose income does
not exceed five lakh rupees and who has not
claimed any refund in the return of income,
Clarifications on the Taxation and
Investment Regime for Pradhan Mantri
Garib Kalyan Yojana, 2016
Ministry of Finance, Central Board of Direct
Taxes (CBDT) vide Circular No. 12 of 2017
dated 31st March, 2017 has issued
clarifications on the Taxation and
Investment Regime for Pradhan Mantri
Garib Kalyan Yojna, 2016. Due to rush in
banks during last days of financial year,
which also happens to be the last date of
filing declaration under the Scheme, CBDT
has decided that if an assesse has made
payment of tax, surcharge, penalty and
deposit under the Scheme, in the banks by
the closing hours of 31st March, 2017, he
shall be allowed to file declaration in Form
No.1under the Scheme by the 10 th of April,
2017.
http://www.incometaxindia.gov.in/comm
unications/circular/circular12_2017.pdf
CBDT Notifies Option form for taxation of
income from patent
Ministry of Finance, Central Board of Direct
Taxes (CBDT) vide Notification dated 31st
March, 2017 has inserted a new rule 5G –
Option form for taxation of income from
patent under section 115BBF in the Income
Tax Rules, 1962 thus making it Income Tax
(5th Amendment) Rules, 2017.
For the purposes of exercising the option for
taxation of income by way of royalty in
respect of a patent developed and registered
in India, by an eligible assesse undersection

3. April 3, 2017
115BBF, the eligible assessee shall furnish
Form No. 3CFA duly verified in the manner
indicated therein, and the same shall be
furnished by the eligible assesse in the
following manner, namely:- (i) electronically
under digital signature; or (ii) electronically
through electronic verification code.
http://www.incometaxindia.gov.in/comm
unications/notification/notification25_201
7.pdf
For any query:
Contact – Sunaina Jhingan
Email – Sunaina.jhingan@acquisory.com